Gold rises ₹1,182 on MCX, silver gains ₹2,314 on investment demand

Gold and silver futures were trading higher on Wednesday as investors awaited key US inflation data, which may provide further cues on the Federal Reserve’s monetary policy stance. Investment demand and continued buying by central banks also supported gold prices.

 

In the global market, gold was trading near $4,475 per ounce on Comex, while silver was around $66 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,54,400 per 10 gram at the time of writing, while silver futures were around ₹2,37,700 per kg.

Gold prices rise

Gold futures opened higher on MCX. The benchmark October gold contract opened at ₹1,54,947 per 10 gram, up ₹1,182 from the previous close of ₹1,53,765.

 

At the time of writing, the contract was trading at ₹1,54,730, up ₹965. During the session, it touched a high of ₹1,54,950 and a low of ₹1,54,411. Gold futures had touched their highest level of the year at ₹1,80,779.

Silver also gains

Silver futures also opened on a firm note. The benchmark September silver contract on MCX opened at ₹2,37,973 per kg, up ₹2,314 from the previous close of ₹2,35,659.

 

At the time of writing, the contract was trading at ₹2,37,725, up ₹2,066. During the session, it touched a high of ₹2,38,271 and a low of ₹2,37,620. Silver futures had touched their highest level of the year at ₹4,20,048 per kg.

Gold, silver firm in international market

In the international market, gold and silver futures were trading higher.

 

On Comex, gold opened at $4,430 per ounce. The previous closing price was $4,441.10 per ounce. At the time of writing, gold was trading at $4,473.50 per ounce, up $32.40. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $64.87 per ounce. The previous closing price was $64.93. At the time of writing, silver was trading at $65.90 per ounce, up $0.97. Silver prices had touched their highest level of the year at $121.79 per ounce.

MCX, Comex prices

 

Note: MCX gold futures prices are in rupees per 10 gram, while MCX silver futures prices are in rupees per kg. Comex gold and silver futures prices are in dollars per ounce. Last traded prices are as of the time of writing.